Fren Pet Stakes Claim as Potential GameFi Successor on Coinbase’s Base Chain

All eyes in GameFi are on Coinbase as new users will soon be gaining 1-click access to the Base chain. Fren Pet on Base is emerging as a favorite to be the next $10Bn gaming coin, with its tokenized Tamagotchi gameplay and extremely bullish tokenomics reminding investors of the success of Axie Infinity.

Fren Pet Emerges as Contender for Next Billion-Dollar Gaming Coin on Coinbase's Base Chain

The world of GameFi is abuzz with anticipation as Coinbase prepares to introduce its new Base chain, providing users with effortless access to a plethora of gaming experiences. Amidst the excitement, Fren Pet (FP), a project founded on the Base network, is rapidly gaining traction as a potential successor to the colossal Axie Infinity.

Unveiling GameFi on BASE: A Retrospective on Axie Infinity's Triumph

Axie Infinity (AXS) stands as a testament to the transformative potential of GameFi. Launched with a modest token sale of $860k, its price skyrocketed to an apex of $165 in November 2021, propelling its market capitalization to an astounding $10 billion.

Axie's non-fungible tokens (NFTs) became integral to the game, generating over $2 billion in transaction volume. One Axie land NFT commanded an extraordinary price of $1.5 million. At the zenith of its popularity, Axie boasted 1.8 million daily active users and processed $42 million in daily in-game volume, with players investing over $100 to acquire NFTs as gateway to the game.

Fren Pet has demonstrated early signs of potential, with a peak of 1.5k users in April.

Fren Pet: A Promising Candidate for GameFi Supremacy on BASE

Fren Pet's decision to establish its foundation on Base was a shrewd strategic move. The chain's exceptionally low gas fees and seamless integration with Coinbase's 100 million users are key factors contributing to Fren Pet's burgeoning popularity.

The imminent launch of Coinbase Smart Wallet will further amplify the project's accessibility, empowering Coinbase users to engage in on-chain trading on Base with a single click. The user-friendly interface will attract a broader audience, including those hesitant to navigate complex wallets or interact with decentralized exchanges.

Correlation Between Base Gas Fees and Fren Pet Activity

Since Fren Pet's inception, its in-game activity has exhibited a strong correlation with Base gas fees. Upon Base increasing its gas target by 50%, Fren Pet transactions surged to levels surpassing its previous all-time high.

Lower gas fees effectively reduce the barrier to entry, opening up Fren Pet to a wider demographic that may have been excluded from Axie's ecosystem due to financial constraints or geographical location. The abundance of in-game actions necessitates low transaction fees to ensure profitability of user rewards.

Fren Pet's Robust Tokenomics: A Catalyst for Market Dominance

Fren Pet's tokenomics stand out as a significant differentiator in the GameFi landscape. Over 5 million FP has been consumed within the game to date, representing over $42.5 million in total in-game volume at the current price of $8.50.

In contrast to Axie's practice of allocating 49% of its supply for incentives, 90% of FP utilized in-game is burned, ensuring a deflationary supply. Moreover, Fren Pet has no investor allocations, with 100% of its supply in circulation. This effectively eliminates price manipulation by whales or venture capitalists, solidifying FP as a compelling cryptocurrency investment.

Recipe for Success: A Nostalgic Gaming Experience with Low Entry Barrier

The formula for success in the play-to-earn blockchain gaming sector is straightforward: a low barrier to entry coupled with an inherently enjoyable game. Fren Pet appears to possess both of these essential elements.

Base is the preferred chain for cost-effective transactions in 2024, and Fren Pet has crafted a Tamagotchi-like game that evokes a wave of nostalgia for individuals who grew up in the 1990s and early 2000s.

Fren Pet currently boasts a market capitalization of $53 million and processes over $400k in daily volume. Its tokens are available on Base network decentralized exchanges such as Uniswap, Baseswap, and Aerodrome.

Coinbase Listing: A Possibility on the Horizon

A Coinbase listing is not out of the realm of possibility in the near future, as the exchange is actively seeking to highlight standout projects on the Base network. The creator of Base has also expressed admiration for Fren Pet, further strengthening its prospects for inclusion.

Conclusion

Fren Pet has emerged as a formidable contender for the title of next GameFi giant on Coinbase's Base chain. Its well-conceived tokenomics, low barrier to entry, and nostalgic gameplay position it as a potential successor to Axie Infinity. As the gaming sector within the cryptocurrency ecosystem experiences a resurgence, Fren Pet is well-poised to capitalize on the influx of retail investors and secure its place as a leader in the burgeoning GameFi industry.